There is no question the monthly budget is the most impactful tool you have in your DFMD toolbox to aid in taking control of your finances. It's hard to build a debt-free dream without a plan, and a budget is simply that - a plan for your money.
Sure, you can build wealth and become debt free without a budget, but it's much harder to do than with a budget.
You can wander into debt, but it's hard to just wander out without a plan.
The challenge is most people tend to struggle with budgeting. In fact, in a recent DFMD survey, budgeting challenges was the number one topic readers wanted to hear more about.
In this blog we'll discuss some of the most common reasons people fail with their budgets and how to be proactive in dealing with these possible failure modes.
What stands out in discussing the topic of budgeting is that when you get right down to it budgeting is simply a behavior, and as we've written about previously, getting out of debt and building wealth is...
This week’s topic is arguably one of the most critical to success in becoming a debt-free millionaire doctor. Unfortunately, it’s also a topic many run from even though they know it has the power to change their financial future. Why is that? Why do so many struggle with completing a monthly budget? How can doing a monthly budget become something you look forward to each month? How can the budgeting process be made simpler to ensure it is done each month? In this blog post we’ll uncover some answers to these questions to help you win with your budgeting process.
Let’s start with why so many struggle to budget. Why is it budgeting seems to be something most can agree is a good idea, but yet struggle to consistently complete each month. For many it can be depressing to look at all the bills you have, and not budgeting is an easy way to look the other way. It’s in some ways like stepping on the scale...